MAUMEE,
Ohio, June 6, 2024 /CNW/ -- The Andersons,
Inc. (Nasdaq: ANDE) and Skyland
Grain, LLC have signed a non-binding letter of intent for
The Andersons to purchase an ownership interest in Skyland,
operating in South Central and Southwest
Kansas, Northwest Oklahoma,
Eastern Colorado, and Texas.
"Our two companies are aligned in our vision to serve our local
producers and expanded customer base," says Pete Goetzmann, Skyland's chief executive
officer. "This proposed transaction provides an opportunity to
bring more value to our farmer-owners and to compete more
effectively in the marketplace, while positioning us for the future
through globally connected supply chains."
The proposed transaction with Skyland aligns with other
strategic investments for The Andersons in both their core grain
and fertilizer businesses. Skyland's asset footprint and strong
grower relationships complement The Andersons robust portfolio of
assets and capabilities.
"Better connecting the North American ag supply to producers and
providing increased access to the best markets for their products
helps them be more competitive and positions us as a partner in
helping make their operations successful," said The Andersons Chief
Operating Officer Bill Krueger.
Under the terms of the letter of intent, The Andersons has been
granted exclusivity while the parties work in good faith to
negotiate a definitive agreement. Any definitive agreement
would be subject to the completion of due diligence, approval of
both The Andersons and Skyland's board of directors, negotiation of
documents, and any applicable (including regulatory) approvals. As
a result, there can be no assurance that the parties will enter
into a definitive agreement or that the proposed transaction will
be completed.
About The Andersons, Inc.
The
Andersons, Inc., named for 2024 to Forbes list of America's
Most Successful Small Companies, Newsweek's list of
America's Most Responsible Companies, and one of The Americas'
Fastest Growing Companies by the Financial Times, is a diversified
company rooted in agriculture that conducts business in the
commodity merchandising, renewables, and nutrient
& industrial sectors. Guided by its Statement of Principles,
The Andersons is committed to providing extraordinary
service to its customers, helping its employees improve, supporting
its communities, and increasing the value of the company. For more
information, please visit www.andersonsinc.com.
About Skyland Grain,
LLC
Skyland operates grain storage and handling facilities
at 50 locations in Kansas,
Colorado, Oklahoma, and Texas. It also operates three cotton gins, a
full-service agronomy sales and service division, and a retail and
wholesale fuel sales and delivery division. Skyland also owns a
majority interest in Heartland Soil Services, LLC, a precision
agronomy testing, data analysis, and consulting company with
operations in five states.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/the-andersons-inc-signs-letter-of-intent-to-purchase-an-ownership-interest-in-skyland-grain-llc-302166494.html
SOURCE The Andersons, Inc.